Polish economy expanded 3.3pc last quarter, slower than forecast
WARSAW: Poland's economy grew less than estimated in the second quarter with record deflation and falling unemployment still powering household spending.
Gross domestic product rose 3.3 percent from a year earlier, according to a flash estimate published by the Central Statistical Office on Friday. That compares with the 3.6 percent median estimate of 30 economists surveyed by Bloomberg. GDP expanded 0.9 from the previous quarter.
Growth in the European Union's largest eastern economy has exceeded 3 percent for a seventh quarter as the nation benefited from a pickup in consumer spending, driven by its first deflation in at least 32 years, higher wages and job gains. As the central bank has kept its main interest rate unchanged at a record low since March, household spending, which contributes 60 percent to Poland's GDP, helped sustain the economy's resilience to global and regional shocks.
"Second-quarter growth structure was healthy and similar to the first quarter, with strong contributions from private consumption, investment and net exports," Bank Zachodni WBK economists led by Maciej Reluga said in a note on Thursday. A detailed GDP breakdown will be released Aug. 28. The zloty erased gains against the euro after the data, trading at 4.1810 at 10:03 a.m. in Warsaw.